The most thrilling days for cryptocurrency enthusiasts continue as Trump prepares to make his first official moves in the crypto space. As this article is being prepared, Bitcoin is hovering around $104,740, while altcoins predominantly show negative trends. However, SOL Coin stands out positively, evidently supported by Trump. What is happening in the crypto market?
Current Status of Cryptocurrencies
Yesterday, Ethereum (ETH) 
$3,232 short positions reached an all-time high, with the ETH price now at $3,277. Subsequently, Vitalik Buterin announced an examination of the Ethereum Foundation’s role and the current state of its management. While all this unfolds, newly inaugurated President Trump has launched his own meme coin on the Solana 
$272 network.
Major exchanges like Coinbase and OKX quickly listed the official TRUMP Coin. This coin swiftly surpassed a market cap of one billion dollars, absorbing significant liquidity over the weekend due to the weakness in altcoins, which also contributed to the rise in SOL Coin price.
Expectations for Cryptocurrencies
Bitcoin (BTC) 
$104,623 continues to close above $104,000, while SOL Coin has reached a new all-time high at $275. Tomorrow, Trump is likely to take significant steps regarding his Bitcoin reserves.
Despite the strong performance of BTC, altcoins continue to struggle. If BTC maintains weekly closings in the six-digit range, it could stimulate even more excitement among investors in the coming days.
Meme coins represent the most visually appealing aspect of cryptocurrencies, attracting new investors. Now that the U.S. President has launched his own meme coin, reaching billions in market value, incredible profit stories may lead altcoin investors to flock to exchanges. At the time of writing, OFFICIAL TRUMP (TRUMP) shows a trading volume of $11.2 billion and a market cap of $7.5 billion, trading at $37.7.
The week’s winners among altcoins include FARTCOIN, RAY, SOL, and JUP, with price increases ranging from 40% to 98%. Another positive note is that, despite it being the weekend, volumes have remained around the $200 billion mark, pushing the total cryptocurrency market cap to approximately $3.63 trillion. The only concern is that BTC’s market dominance is climbing back above the 57% level.
